NEF''s approved R1,6bn in funding in past two years and a bit – Rob Davies, Politicsweb.co.za
(1) With reference to the mandate of the National Empowerment Fund (NEF) to promote broad-based black economic empowerment (BBBEE),
(i) is the specific mandate of the NEF?
The NEF was established by the National Empowerment Fund Act No. 105 of 1998, to promote and facilitate the ownership of income generating assets by historically disadvantaged persons.
The NEF promotes and facilitates black economic participation through the provision of financial and non-financial support to black empowered businesses, as well as by promoting a culture of savings and investment among black people.
As such, the NEF advances and recovers funding to black empowered businesses across all sectors and stagesof business at a nominal real return in order to advance the implementation of sustainable Broad-Based Black Economic Empowerment (B-BBEE) as provided for in the B-BBEE Act.